![]() ![]() If you don't complete on your new mortgage within these timescales, then you won't be able to port your existing mortgage deal to your new home and any ERC you've paid won't be refunded. If you buy your new home within 3 months of paying off your previous mortgage (6 months if you're buying a new build property), we'll automatically send any refund due within 4 weeks of the date your mortgage completes. If you sell and buy on different days, you’ll need to pay the full early repayment charge amount. You can choose either of the above mortgage deal options. If you’re selling and buying on different days If you have more than 6 months on your current deal, you'll have to pay the full ERC that applies. There will be an ERC if you're on a fixed rate and you borrow less. You won't pay an ERC if you're borrowing the same amount as your current mortgage, or borrowing more. If you have less than 6 months left on your current deal, you can choose a new deal for the whole amount you need to borrow. Please note that ERCs only apply to fixed rate mortgages, not tracker rates or Standard Variable Rate.įor example, if your current mortgage balance is £100,000 but the total amount you need to borrow reduces to £75,000, then you'll be borrowing £25,000 less than you currently owe. If you borrow less, you pay part of the ERC. If you borrow the same amount, you won’t pay an early repayment charge (ERC). You port your current deal to your new mortgage. You then choose a new deal for the extra amount you need to borrow.įor example, if your current mortgage balance is £100,000 but the total amount you need to borrow is £150,000, then £100,000 will be on your current deal, and you’ll pick a new deal for the extra £50,000. You can apply to port your existing deal if you’d like to borrow more, borrow the same amount, or less. When you move home and take your existing mortgage deal with you, this is known as ‘porting’ your mortgage. Option 1: Keep your current mortgage deal You have 2 options to choose from: keep your current mortgage deal, or get a new one. In most cases, you’ll sell and buy on the same day. If you're moving home and keeping your mortgage with us, you’ll need to complete a mortgage application for the property that you’re buying. More about contents for renters insurance. ![]() Everyday No Balance Transfer Fee Credit Card.Everyday Long Term Balance Transfer Credit Card.Where can I get Santander Edge cashback.Current accounts View all current accounts. ![]()
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